The owner of a house in Kfar Shmaryahu has purchased a NIS 30 million penthouse in Netanya. The apartment is one of four such penthouses on the 33rd and 34th floors of twin high-rises built by the Briga Group on the seafront in Ir Yamim at 15 and 17 Ehud Manor Street.
The smaller apartments in the Ir Yamim project begin at NIS 4 million on the lower floors and from NIS 6 million from the 11th floor upwards. The larger apartments on floors 29 to 32 cost NIS 15 million.
Briga Group VP marketing Alona Orgad said, "Even in Tel Aviv you won't find a tower like these, right on the seafront, and not on the other side of the road."
each tower has been built on an 8,000 square meters lot and an additional 7,000 square meters has been set aside for an Olympic swimming pool, tennis courts, fish pools, a synagogue in each tower and areas for libraries and art.
Orgad added, "Out of 208 apartments, 12 remain unsold and that is six months before the tenants will move in and that's an excellent achievement."
Real estate appraiser Eyal Nakav says that the Briga project is not typical of the luxury market, which has cooled down. "Most of this market is in stagnation and contractors are finding it hard to sell luxury apartments. Foreign residents aren't coming here like they once were and purchase tax on luxury homes has climbed to 8%, which means hundreds of thousands of shekels in tax, and this really deters buyers.
Orgad admits, "We are also finding it quieter and less customers are coming to our sales office. But those who do come are serious and want to buy an apartment. Most of these are looking for an apartment to live in, not to buy it as an investment and if they are foreign residents, it's because they have decided to immigrate to Israel."
Published by Globes, Israel business news - en.globes.co.il - on March 11, 2019
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